UK - The £2.7bn Marconi pension scheme has appointed ABN Amro Mellon as its global custodian.
The firm will provide global custody and investment accounting to Stanhope Pension Trust for the UK fund.
ABN Amro Mellon replaces three incumbent custodians, namely State Street Global Advisors (SSGA), Bank of New York and Deutsche Bank. In so doing, the firm will be providing consolidated reporting across the plan’s many assets.
Simon Lee, deputy finance manager of Marconi pensions, added: “We are delighted to have selected ABN Amro Mellon as the global custodian for the GEC 1972 Plan.
“Of the custodians which we considered, ABN Amro Mellon best matched our requirements and we look forward to them demonstrating the range and quality of services which they can provide for the protection and benefit of the plan and its membership.”
ABN Amro Mellon’s holding company Mellon Financial also poached SSGA portfolio managers Edward Allinson, David Smith and Emerson Tuttle. The hires were made for Mellon Growth Advisors, a new asset management subsidiary specialising in actively managed growth equity investing for institutional clients. Headquartered in Boston, the new unit will complement Mellon Financial’s investment management companies across the United States and overseas.
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